This is the twenty-eighth issue of my free newsletter. Your feedback is most welcome!
Happy Summer Solstice! As summer begins, may you experience the delight of a child in the long, warm days and the nights lit by fireflies.
The subject of this newsletter is a conference called "Reclaiming Economics" held at Earthaven this past weekend.
Alternative currencies--from the shiny 1-ounce $10 Liberty dollars to the well-known Ithaca Hour, the colorful "NC Plenty" and the Earthaven Leap system-- were passed around and admired by about 85 participants from 8 states and Canada last weekend. At the “Reclaiming Economics” conference, hosted by Earthaven Ecovillage, twenty-one presenters shared their knowledge and experience about the banking system, local currencies and exchange systems, innovative credit plans, community building and empowerment.
The conference opened with participants acting out their demographics by moving within the room. Instead of the usual introductions, people discovered who had ever filed for bankruptcy or been homeless, who had ever grown half their own food, not filed income taxes, held assets of over $100,000, or had a PhD.
Kevin Innes, Asheville's regional currency officer for the American Liberty Dollar and a debt relief specialist, revealed a little known fact. Once the gold standard was abandoned, the Federal Reserve (a cartel of bankers) has simply created paper money backed by nothing, and charges compound interest on it. When a bank issues a loan, that is considered an "asset" (money is created by lending it). Over 100,000 people are now using the Liberty dollar, firmly backed by silver.
How does peak oil affect the economy? Jim Latendresse, a financial analyst, explained how oil's initial return on investment of 100% is dropping dramatically as oil takes more and more energy to extract. Oil gives the dollar its value, and Saddam was considering selling oil for Euros; this would have caused the dollar to collapse--one more reason for the war. The oil use curve shows that the amount of oil available in 2040 will be as low as the amount in use in the 1930's, and that the peak has already occurred; yet demand for oil will continue to rise worldwide. The human population curve has followed the oil curve, so far. (See www.peakoil.org.)
The Emma Family Resource Center, directed by Arinda Manning, provided a lovely example of how a local currency--Emma Bucks--can help people who are at the bottom. The low income, largely Latino residents of Emma are regaining their dignity and self-reliance while building strong community ties. Using the "Time Dollars" model, this community exchange program lets members swap for such services as auto repair, transportation, errands, yard work, Spanish or English lessons. For time dollar database software, see www.timedollar.org.
Bob LeRoy, accountant for and board member of Ithaca Hours, described how the Ithaca Health Fund, a nonprofit insurance plan, grew out of the Ithaca Hours success. For just $100 per year, subscribers can receive care for broken bones or teeth, stitches, appendectomies, root canals, burn care, diagnostic checkups, and even vasectomies. Best of all, it's not limited to Ithaca residents (although they receive discounts from many local practitioners). See www.IthacaHealth.org.
NC Plenty (Piedmont Local EcoNomy Tender), an alternative currency for 4 counties in the Piedmont, has been redefining the "Research Triangle" sense of place. Started just 2 years ago, they now have $8,000 worth in circulation, and many diverse businesses participating, including coop grocery stores, restaurants, farmer's markets, CSAs. They have even given small grants and created a game for learning about their system. See www.ncplenty.org.
Brad Johnson, who was the chief organizer of this conference, was involved in starting Baltimore Hours and spoke about BALLE (Business Alliance for Local, Living Economies). Founded by White Dog Cafe owner Judy Wicks of Philadelphia, this national organization encourages business owners to form local clusters that can have significant political clout. Business owners sign voluntary pledges to pay a living wage, use renewable energy, buy local, and be socially responsible. Existing clusters such as in Baltimore have promoted use of local foods in schools, and held educational forums. Unlike what David Korten of Yes! magazine terms the "suicide economy" (motivated by love of money instead of love of life), the living economies movement is dedicated to meeting people's basic needs.
The Permaculture Credit Union was founded in 2000 in Santa Fe to promote Permaculture ethics: care for the earth, care for people, and reinvesting surplus to benefit all of earth's inhabitants. Anyone who holds these values may become a member. Credit unions are a nonprofit alternative to banks, where the money returns to the members. They offer simple interest loans for cars (with "sustainability discounts" for high mileage and hybrid cars), home mortgages, solar installations, and unsecured loans up to $5,000. See www.pcuonline.org.
Sharon Oxendine, program director of the local nonprofit Mountain MicroEnterprise Fund, explained how over 600 WNC business owners received training and startup loans through this totally government-subsidized fund.
Jim Schulman, director of Sustainable Communities Initiative of Washington, DC, spoke about the profit and ecological benefits gained by skilled deconstruction of old buildings rather than wasteful and hazardous demolition. Communities can retrieve cooperative control over waste management systems, gaining better health, financial and community benefits. Old wood floors, beams, and joists will become ever more valuable.
Asheville Playback Theater entertained an appreciative audience, acting out their stories as well as portraying "sustainability" in both amusing and profound ways. They received a standing ovation for their inspired dramatizations.
The gathering closed with a group visualization of an economy that would be sustainable to the 7th generation, and a singing spiral dance.
Cathy Holt
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